Get a low introductory variable interest rate from the Commonwealth Bank.
The Commonwealth Bank Extra Home Loan offers minimal fees and competitive, discounted interest rates. The loan has options for borrowers with large and small deposits, and rates for owner-occupiers and investors.
$2,000 refinance cashback offer
If you refinance to the Commonwealth Bank from another lender you could be eligible for a $2,000 cashback. The offer applies to principal and interest owner occupier home loans and all investment and Viridian line of credit loans. You need to refinance a loan amount of at least $250,000 and apply before 03 August 2020 and have your loan funded by 09 October 2020.
|Product Name||Commonwealth Bank Extra Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$150,000|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- Low, discounted rates
- Minimal fees
- Some rates require a higher deposit
What do I need to know about this loan?
The Commonwealth Bank Extra Home Loan is available to both owner-occupiers and investors for purchase or refinance. It offers discounted interest rate and various options depending on the size of your deposit.
What are the features and benefits of the Commonwealth Bank Extra Home Loan?
- Loan amount and loan to value ratio. The Commonwealth Bank Extra Home Loan has a low minimum borrowing amount of $150,000 and no maximum borrowing amount. The maximum loan to value ratio is 95%. Borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium. Some of the lower discounted rates for this product require a 30% deposit, however.
- Free redraw. The Commonwealth Bank Extra Home Loan allows you to make extra repayments without penalty. You can access these extra funds using the loan's redraw facility. However, there's a minimum redraw amount of $1,000.
- Low fees. The Commonwealth Bank Extra Home Loan carries no application or ongoing fees.
What fees and charges come with this loan?
- Settlement fee: $200. This one-off fee covers the cost of funding your home loan.
- Discharge fee: $350. This fee is charged when you close your loan account, either through refinancing or repaying your loan in full.
How do I apply for this loan?
If you think the Commonwealth Bank Extra Home Loan is the right product for you, contact the lender directly or speak to a mortgage broker.